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[rtl]India prefers Iraqi oil over Saudi oil for this reason..[/rtl]
economy , 09/29/2023 21:23 Number of readings: 336
economy , 09/29/2023 21:23 Number of readings: 336
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[rtl]Baghdad - Iraq today:[/rtl]
[rtl]India's oil imports from Russia rebounded in September after reaching their lowest levels in seven months in August, as a result of lower prices for Middle Eastern crude, according to what preliminary data on trade flows from the London Stock Exchange Group, Kpler and Vortexa Analytics showed .[/rtl]
[rtl]The data showed that India, the third largest importer and consumer of oil in the world, increased its imports from Iraq while reducing its imports from Saudi oil.[/rtl]
[rtl]Victor Katona, chief oil analyst at Kpler, said: “The competitiveness of prices is in favor of Russian crude, and if Indian refiners want to obtain quantities with specific contracts from the Middle East, they seem to prefer (oil) from Iraq, as Basra crude is still average.” “It is about $2 cheaper per barrel than Arab Medium or Arab Light crude,” according to Reuters.[/rtl]
[rtl]London Stock Exchange Group data showed that India's imports of Russian oil amounted to about 1.55 million barrels per day in September, an increase of 16 percent from August, while imports from Iraq increased by 17 percent to reach about 1.1 million barrels per day.[/rtl]
[rtl]Vortexa data indicated that Russian oil imports amounted to 1.52 million barrels per day, compared to 1.44 in August.[/rtl]
[rtl]On the other hand, London Stock Exchange data showed that India's imports from Saudi Arabia fell to about 676 thousand barrels per day in September, a ten percent decrease from August.[/rtl]
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